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Buy Escorts Kubota; target of Rs 2365: ICICI Direct

ICICI Direct is bullish on Escorts Kubota recommended buy rating on the stock with a target price of Rs 2365 in its research report dated November 20, 2022.

November 21, 2022 / 10:34 PM IST
 
 
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ICICI Direct's research report on Escorts Kubota


The company is a prominent tractor maker domestically (10.3% FY22 market share). It also serves domestic construction equipment, railways space. FY22 sales mix – tractors 77%, construction equipment 14%, railways 9% • Kubota (Japanese company), a co-promoter with effective stake at 53.5%.



Outlook


We retain BUY rating amid wider opportunity at play with Kubota coming on board as co-promoter and strong financials amid healthy RoCE targets. Revising our estimates, we now value Escorts Kubota at SOTP-based TP of Rs 2,365 (25x P/E on core FY24E EPS; earlier TP of Rs 2,330).


For all recommendations report, click here


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Escorts Kubota - 21 -11-2022 - icici

Broker Research
first published: Nov 21, 2022 10:34 pm